Meeder Asset Management Inc. Purchases 7,300 Shares of People’s United Financial, Inc. (NASDAQ:PBCT)
Meeder Asset Management Inc. grew its position in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 15.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 55,390 shares of the bank’s stock after acquiring an additional 7,300 shares during the quarter. Meeder Asset Management Inc.’s holdings in People’s United Financial were worth $930,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of PBCT. JPMorgan Chase & Co. lifted its stake in People’s United Financial by 175.9% during the first quarter. JPMorgan Chase & Co. now owns 2,306,033 shares of the bank’s stock worth $37,913,000 after purchasing an additional 1,470,283 shares during the last quarter. BlackRock Inc. lifted its stake in People’s United Financial by 3.3% during the first quarter. BlackRock Inc. now owns 36,571,846 shares of the bank’s stock worth $601,242,000 after purchasing an additional 1,159,031 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in People’s United Financial by 6.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,879,897 shares of the bank’s stock worth $142,565,000 after purchasing an additional 589,342 shares during the last quarter. Crawford Investment Counsel Inc. lifted its stake in People’s United Financial by 16.9% during the first quarter. Crawford Investment Counsel Inc. now owns 3,966,668 shares of the bank’s stock worth $65,212,000 after purchasing an additional 572,285 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in People’s United Financial by 230.0% during the second quarter. SG Americas Securities LLC now owns 743,422 shares of the bank’s stock worth $12,475,000 after purchasing an additional 518,170 shares during the last quarter. 75.38% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO R David Rosato sold 39,250 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $16.20, for a total value of $635,850.00. Following the completion of the sale, the chief financial officer now owns 137,952 shares of the company’s stock, valued at approximately $2,234,822.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.40% of the company’s stock.
Shares of NASDAQ PBCT traded up $0.04 during midday trading on Wednesday, reaching $14.49. The company had a trading volume of 47,036 shares, compared to its average volume of 4,803,561. People’s United Financial, Inc. has a one year low of $13.66 and a one year high of $18.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.44. The firm’s fifty day moving average price is $15.95 and its 200-day moving average price is $16.59. The stock has a market cap of $5.82 billion, a PE ratio of 11.07, a price-to-earnings-growth ratio of 5.46 and a beta of 1.21.
People’s United Financial (NASDAQ:PBCT) last released its earnings results on Thursday, July 18th. The bank reported $0.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.34. People’s United Financial had a return on equity of 8.21% and a net margin of 23.51%. The company had revenue of $454.40 million during the quarter, compared to analyst estimates of $448.83 million. During the same quarter in the previous year, the company posted $0.32 EPS. As a group, equities research analysts expect that People’s United Financial, Inc. will post 1.33 EPS for the current year.
People’s United Financial declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 18th that allows the company to buyback 20,000,000 outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were paid a $0.1775 dividend. This represents a $0.71 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date was Wednesday, July 31st. People’s United Financial’s dividend payout ratio (DPR) is presently 54.20%.
About People’s United Financial
People's United Financial, Inc operates as the bank holding company for People's United Bank, National Association that provides commercial banking, retail banking, and wealth management services to individual, corporate, and municipal customers. The company operates in two segments, Commercial Banking and Retail Banking.
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